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Innovative Refi Loan for Students and Parents Offers Cash Back

Borrowers Can Refinance to a Lower Rate Before Earning a Degree and Without Immediate Payments

July 7, 2020

An innovative new refinance loan lets students still in college, or parents who have borrowed on behalf of a student still in college, refinance their existing education debt. Offered across the country, the program allows borrowers to take advantage of current lower market rates while being able to defer payments until college has been completed. The lower refinance rates can result in less interest to repay overall.

The Reset Refinance Loan for In-School Borrowers is available from Iowa Student Loan®, a nonprofit company based in West Des Moines, Iowa. As an added bonus, and in an effort to help those affected by COVID-19, eligible applicants who refinance through the program by Sept. 30, 2020, will receive a $300 cash back bonus. Interested applicants can start at www.IowaStudentLoan.org/CollegeRefi.

"Usually, when you refinance student loans, either you need to already have a degree and be making payments on your loans or, if you refinance while still in school, you have to begin making payments immediately," said Steve McCullough, president and CEO of Iowa Student Loan. "With this new loan, you don’t have to do either, and you benefit because less interest accrues with the lower interest rate."

The new fixed-rate loan, which is one product in the Reset Refinance Loan portfolio, is the most recent product the nonprofit organization has introduced to help students and families.

"The COVID-19 pandemic has brought about historically low interest rates," McCullough said. "We want to be sure that students and parents of students still in school have the opportunity to reduce their overall debt load by locking in a new fixed rate that may be much lower than their existing rates or to avoid increased rates in the future."

"Iowa Student Loan has a long history of helping people across the country plan smart and pay less for college, and we are ready to prove that we are here to help borrowers, whether that’s through a lower-rate refinance loan or a new loan for current or future expenses," McCullough added.

All applicants, and any potential cosigners, are encouraged to visit the website to pre-qualify. In less than a minute, applicants can learn the rate they would get by refinancing and see potential interest savings over their current loans to make informed decisions before they apply. The quick rate check does not impact applicants’ or cosigners’ credit scores.

Besides refinance loans, Iowa Student Loan offers several private loan products to help students and their families pay for ongoing education. In addition, free resources for planning and paying for college are available to the public without charge on www.IowaStudentLoan.org.

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Media Contact

Christopher Weishaar, Digital PR Specialist, (515) 273-7102, cweishaar@studentloan.org